Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Activist Billionaire Paul Singer 2023 Portfolio: Top 10 Stock Picks

In this article, we discuss the top 10 stock picks of activist billionaire Paul Singer in 2023. If you want to see more stocks in this selection, check out Activist Billionaire Paul Singer 2023 Portfolio: Top 5 Stock Picks

Billionaire and activist investor Paul Singer, who heads Elliott Management, is growing bearish on the financial markets. A Wall Street Journal report recently quoted the billionaire, who cautioned investors about an extended period of diminished profits in financial assets due to escalating concerns of a recession. Singer expressed his belief that the US economy is currently navigating through an exceptionally hazardous and bewildering phase. He explained: 

“Valuations are still very high. There’s a significant chance of recession. We see the possibility of a lengthy period of low returns in financial assets, low returns in real estate, corporate profits, unemployment rates higher than exist now and lots of inflation in the next round.”

Paul Singer was among the early individuals to anticipate and alert about the subprime mortgage crisis in 2008, and he also raised concerns about elevated inflation at the onset of the COVID-19 pandemic. According to WSJ, in a letter addressed to investors in April 2020, Singer wrote: 

“We think it is very unlikely that central bankers will move to normalize monetary policy after the current emergency is over. They did not normalize last time and the world has moved demonstrably closer to a tipping point after which money printing, prices and the growth of debt are in an upward spiral that the monetary authorities realize cannot be broken except at the cost of a deep recession and credit collapse.”

Singer, known for his high-profile conflict with Argentina regarding its defaulted debt, holds a critical stance towards comprehensive banking regulations, such as those outlined in the Dodd-Frank Act of 2010, as well as prolonged market interventions by global central banks following the 2008 global financial crisis. He also stressed his lack of enthusiasm for cryptocurrencies, describing them as “completely devoid of any value” during his interview with the Wall Street Journal. He added: 

“There are thousands of cryptocurrencies. That’s why they’re worth zero. Anybody can make one. All they are is nothing with a marketing pitch—literally nothing.”

Bloomberg noted that Elliott Management achieved its largest-ever capital raise in 2022, totaling $13 billion. Employing a drawdown approach, Elliott secures commitments from investors, but the actual cash is called upon at a later date. Since its establishment in 1977, the hedge fund has experienced losses in only two years. 

In this article, we discuss the activist billionaire’s top 10 stock picks as of March end, which include Howmet Aerospace Inc. (NYSE:HWM), Pinterest, Inc. (NYSE:PINS), and Marathon Petroleum Corporation (NYSE:MPC). 

Our Methodology 

For this list, we selected top 10 stocks from the Q1 2023 13F portfolio of Paul Singer’s Elliott Management. The stocks are ranked in ascending order of their stake value.

Paul Singer of Elliott Management

Activist Billionaire Paul Singer 2023 Portfolio: Top Stock Picks

10. E2open Parent Holdings, Inc. (NYSE:ETWO)

Elliott Management’s Stake Value: $111,542,168

Number of Hedge Fund Holders: 24

E2open Parent Holdings, Inc. (NYSE:ETWO)  offers a software platform for managing and coordinating supply chains, which operates on the cloud and covers the entire process from start to finish. In Q1 2023, Paul Singer’s Elliott Management owned 19.16 million shares of E2open Parent Holdings, Inc. (NYSE:ETWO) worth $111.5 million, representing 0.82% of the total 13F securities. 

On May 2, Credit Suisse upgraded E2open Parent Holdings, Inc. (NYSE:ETWO) to Neutral from Underperform with a price target of $5, down from $5.50. The firm mentioned that the company’s guidance for organic revenue growth in FY24 is 1.6%, which takes into account a slow first half of the year due to integration challenges and macro-related churn. However, they expect the situation to stabilize in the second half. The firm noted that although they would have preferred a more cautious approach, they believe E2open Parent Holdings, Inc. (NYSE:ETWO) has enough demand in its sales pipeline to meet the revenue target for the entire year. Credit Suisse further stated that the company’s increased focus on organic growth, the adjusted guidance, and the current valuation all contribute to a more balanced outlook for the company’s shares in the next 12 months.

According to Insider Monkey’s fourth quarter database, 24 hedge funds were bullish on E2open Parent Holdings, Inc. (NYSE:ETWO), compared to 23 funds in the prior quarter. Snehal Amin’s Windacre Partnership is the largest stakeholder of the company. 

Like Howmet Aerospace Inc. (NYSE:HWM), Pinterest, Inc. (NYSE:PINS), and Marathon Petroleum Corporation (NYSE:MPC), E2open Parent Holdings, Inc. (NYSE:ETWO) is one of the top stock picks of activist billionaire Paul Singer. 

Here is what Baron Small Cap Fund has to say aboutE2open Parent Holdings, Inc. (NYSE:ETWO) in its Q1 2021 investor letter:

“E2open Inc. provides a 100% cloud-based software platform to orchestrate complex global supply chains. Its end-to-end SaaS solutions are mission critical. They drive compelling value and ROI for a diverse, blue-chip customer base (including Dell, Peloton, and Boeing) by helping them optimize their supply chains across channel shaping, demand sensing, business planning, logistics, global trade, and supply management.

The market for supply chain management is large ($45 billion-plus market) and has only increased in complexity and importance due to the COVID pandemic. E2open’s deeply embedded products enable strong retention (107% net retention) and long customer relationships (top 100 customers have a 14-year average tenure). Relative to the competition, E2open has devised an elegant and simple solution that is faster and nimbler compared to legacy ERP vendors, and its single interface for all participants compares favorably to the many point solutions out in the market.

E2open is poised to accelerate its organic revenue growth to about 10% in the upcoming fiscal year and maintain a low double-digit level over the medium term. Due to long-term contracts, the company has high visibility into future annual growth, and we expect acceleration will be driven by several factors, including expanding existing customer relationships ($1 billion white space alone), winning new customers, optimizing the sales force, getting better pricing realization, and enhancing strategic partnerships. Acquisitions are expected to be the primary use of free cash flow and should supplement the organic growth and provide meaningful synergies once integrated into E2open’s platform. The company has an attractive margin profile (low 30% increasing to high 30%’s adjusted EBITDA margins) paired with strong FCF generation. We believe that E2open will be a steady earnings compounder, which should drive solid returns for the stock over a multi-year period.”

9. Noble Corporation Plc (NYSE:NE)

Elliott Management’s Stake Value: $112,489,500

Number of Hedge Fund Holders: 45

Noble Corporation Plc (NYSE:NE) is an offshore drilling contractor that serves the oil and gas industry. The company offers contract drilling services worldwide using its fleet of mobile offshore drilling units. Securities filings for the first quarter of 2023 reveal that Paul Singer’s hedge fund held 2.85 million shares of Noble Corporation Plc (NYSE:NE), worth $112.4 million and representing 0.83% of the total portfolio. 

On May 4, Noble Corporation Plc (NYSE:NE) reported a Q1 non-GAAP EPS of $0.19 and a revenue of $610 million, outperforming Wall Street estimates by $0.08 and $73 million, respectively. Noble Corporation Plc (NYSE:NE) maintained its previously communicated guidance for the full year of 2023. The company expects total revenue to fall within the range of $2.35 billion to $2.55 billion, with a consensus estimate of $2.42 billion. Noble also anticipates adjusted EBITDA to be in the range of $725 million to $825 million and capital expenditures to be between $325 million and $365 million.

According to Insider Monkey’s first quarter database, 45 hedge funds were long Noble Corporation Plc (NYSE:NE), compared to 50 funds in the prior quarter. William B. Gray’s Orbis Investment Management is the biggest stakeholder of the company, with 3.45 million shares worth $136.4 million. 

ClearBridge Value Equity Strategy made the following comment about Noble Corporation Plc (NYSE:NE) in its Q4 2022 investor letter:

“As mentioned, we remain very positive on energy given the structural global shortage. However, with the cost structure of shale rising from higher services costs and well productivity falling, we made the decision to pivot from shorter-cycle shale production to longer-cycle conventional oil. We believe the current environment suggests that pricing power in energy services will continue to improve while the demand for offshore oil will increase. We invested in Noble Corporation Plc (NYSE:NE), in the energy sector, an offshore drilling contractor that targets ultra-deepwater and high-specification jackup markets, which we believe will be a major beneficiary of this shift. After emerging from bankruptcy caused by the recent severe downcycle, Noble has a recapitalized balance sheet moving into a positive pricing cycle that will drive dramatic growth in earnings and free cash flow. Like other parts of energy, the nightmare of the last cycle is reinforcing capital discipline and a focus on free cash flow rather than growth. We believe this subsequent longer duration cycle is not reflected in Noble’s current stock price, and long-term performance will be supported by growing shareholder returns from dividends and buybacks while maintaining a strong balance sheet.”

8. Valaris Limited (NYSE:VAL)

Elliott Management’s Stake Value: $128,168,200

Number of Hedge Fund Holders: 47

Valaris Limited (NYSE:VAL) offers offshore contract drilling services to the global oil and gas industry. The company possesses a fleet of offshore drilling rigs, comprising drillships, dynamically positioned semi-submersible rigs, moored semi-submersible rigs, and jackup rigs. In Q1 2023, Paul Singer’s Elliott Management held 1.97 million shares of Valaris Limited (NYSE:VAL), worth $128.16 million and representing 0.94% of the total portfolio. While it is one of the top stock picks of Singer, he shed 43% of his stake in Q1. 

On May 5, Barclays analyst Edward Kim maintained an Equal Weight rating on Valaris Limited (NYSE:VAL) and lowered the firm’s price target on the shares to $80 from $82 following the Q1 results.

According to Insider Monkey’s first quarter database, 47 hedge funds were bullish on Valaris Limited (NYSE:VAL), compared to 48 funds in the prior quarter. Stephen Mandel’s Lone Pine Capital is a prominent stakeholder of the company, with 1.91 million shares worth $124.4 million. 

7. Cardinal Health, Inc. (NYSE:CAH)

Elliott Management’s Stake Value: $151,000,000

Number of Hedge Fund Holders: 50

Cardinal Health, Inc. (NYSE:CAH) is a healthcare services company that offers integrated and comprehensive healthcare solutions to hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and patients in their homes. In Q1 2023, Paul Singer’s hedge fund held 2 million shares of Cardinal Health, Inc. (NYSE:CAH), worth $151 million. It is one of the top stock picks of the activist billionaire. 

On May 11, Cardinal Health, Inc. (NYSE:CAH) declared a $0.5006 per share quarterly dividend, a 1% increase from its prior dividend of $0.4957. The dividend is payable on July 15, to shareholders of record on July 3. 

According to Insider Monkey’s first quarter database, 50 hedge funds were long Cardinal Health, Inc. (NYSE:CAH), and Ken Griffin’s Citadel Investment Group is the largest stakeholder of the company, with 2.7 million shares worth $206.6 million. 

Ariel Investment made the following comment about Cardinal Health, Inc. (NYSE:CAH) in its Q3 2022 investor letter:

“Additionally, distributor of pharmaceutical and medical products Cardinal Health, Inc. (NYSE:CAH) advanced in the period as leadership changes were viewed to be positive for shares. Management provided a new profit outlook for Fiscal 2023 and announced an improvement plan for the medical segment. We are encouraged by these changes and think CAH’s underlying fundamentals and competitive advantages around preventative maintenance screenings and medication management will continue to improve. We believe valuations of healthcare companies like CAH that focus on cost optimization and promote technological efficiency across the supply chain will be rewarded over the long term.”

6. Suncor Energy Inc. (NYSE:SU)

Elliott Management’s Stake Value: $310,205,892

Number of Hedge Fund Holders: 45

Suncor Energy Inc. (NYSE:SU) is a Canadian energy company that operates in both domestic and international markets. The company is divided into three main segments – Oil Sands, Exploration and Production, and Refining and Marketing. In the first quarter of 2023, Paul Singer’s Elliott Management owned 10 million Suncor Energy Inc. (NYSE:SU) shares, worth $310.20 million and representing 2.29% of the total 13F portfolio. 

On May 9, Suncor Energy Inc. (NYSE:SU) declared a C$0.52 per share quarterly dividend, in line with previous. The dividend is payable on June 26, to shareholders of record on June 5. 

RBC Capital analyst Greg Pardy maintained an Outperform rating on Suncor Energy Inc. (NYSE:SU) but lowered the firm’s price target on the shares to C$52 from C$54 on May 10.

According to Insider Monkey’s first quarter database, 45 hedge funds were long Suncor Energy Inc. (NYSE:SU), compared to 47 funds in the prior quarter. Lyrical Asset Management is a significant stakeholder of the company, with 5.8 million shares worth $247 million.  

In addition to Howmet Aerospace Inc. (NYSE:HWM), Pinterest, Inc. (NYSE:PINS), and Marathon Petroleum Corporation (NYSE:MPC), Suncor Energy Inc. (NYSE:SU) is one of the top stock picks of Paul Singer. 

Artisan International Value Fund made the following comment about Suncor Energy Inc. (NYSE:SU) in its Q4 2022 investor letter:

“Suncor Energy Inc. (NYSE:SU), a Canada-based operator of oil sands mines, refineries and retail gas stations, was the third-largest contributor to return for the year, mainly due to higher oil prices. The share price increased by one third. Notably, the portfolio generated significant returns from energy stocks, including Suncor, Tenaris, Imperial Oil and tangentially Alimentation Couche-Tarde and Seven & i Holdings, both of which are in the gas station business. Given the cyclicality and commodity nature of the oil business, we have sold shares of these investments, including the complete sale of both Tenaris and Imperial Oil.”

Click to continue reading and see Activist Billionaire Paul Singer 2023 Portfolio: Top 5 Stock Picks

Suggested articles:

Disclosure: None. Activist Billionaire Paul Singer 2023 Portfolio: Top 10 Stock Picks is originally published on Insider Monkey.

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…

This prediction might not be bold at all:

A few years from now, you’ll wish you’d owned this stock.

The best part? You can discover everything about this company and its groundbreaking technology right now.

I’ve compiled everything you need to know about this groundbreaking company in a detailed, members-only report.

Trust me — you’ll want to read this report before putting another dollar into any tech stock.

For a ridiculously low price of just $9.99 a month, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single fast food meal!

Here’s why this is a deal you can’t afford to pass up:

• Access to our Detailed Report on this Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.

• 11 New Issues of Our Premium Readership Newsletter: You will also receive 11 new issues and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.

• One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149

• Bonus Reports: Premium access to members-only fund manager video interviews

• Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.

• 30-Day Money-Back Guarantee:  If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

If you’re thinking about getting in, don’t wait – because once Wall Street catches wind of this story, the easy money will be gone.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99 a month.

2. Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a month later!

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

  • It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
  • It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
  • It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.

AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.

Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

And that’s for a business tied to:

  • The AI infrastructure supercycle
  • The onshoring boom driven by Trump-era tariffs
  • A surge in U.S. LNG exports
  • And a unique footprint in nuclear energy—the future of clean, reliable power

You simply won’t find another AI and energy stock this cheap… with this much upside.

This isn’t a hype stock. It’s not riding on hope.

It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 100+% Return within 12 to 24 months.

We’re now offering month-to-month subscriptions with no commitments.

For a ridiculously low price of just $9.99 per month, you can unlock our in-depth investment research and exclusive insights – that’s less than a single fast food meal!

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99.

2. Enjoy a month of ad-free browsing, exclusive access to our in-depth report on the Trump tariff and nuclear energy company as well as the revolutionary AI-robotics company, and the upcoming issues of our Premium Readership Newsletter.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!


No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a month later!